7月11日，交易商协会发布公告称，对6家主承销商启动自律调查。 交易商协会提到，监测到在广发银行2025—2026年度二级资本债券项目中，中国银河证券、广发证券、兴业银 行、国泰海通证券、中信建投证券、中信证券等6家主承销商中标承销费引发市场关注。 据广发银行供应商服务平台信息，上述6家金融机构中标广发银行债券承销服务，承销服务费总额为人民币 63448元。采购结果详情显示，中国银河证券和兴业银行中选含税预估服务费仅有700元，最高者如中信建投， 中选含税预估服务费也不超过3.5万元。 6家机构分食6.34万元承销费 6月16日，广发银行发布采购公告，拟通过采购选定最高不超过6家中选供应商，由其为采购人提供2025—2026 年二级资本债券承销服务。要求2022年1月1日（含）至今，供应商具备普通金融债券或资本类债券（无固定期 限资本债券或二级资本债券）类似项目的发行承销案例，且每个案例须具备业绩相关证明材料。此外，该采购 项目不接受联合体报价。 广发银行未公开披露2025—2026年度二级资本债券发行规模的有关计划，不过可以以2024—2025年度的情况作 为参考。广发银行2024年年度报告显示，该行202 ...

Core Viewpoint - The report provides an overview of the performance and management of the Huafu Hengsheng Pure Bond Fund for the second quarter of 2025, highlighting its investment strategy, financial indicators, and net asset value performance. Fund Product Overview - Fund Name: Huafu Hengsheng Pure Bond Fund - Fund Code: 006405 - Fund Type: Contractual open-end fund - Total Fund Shares at Period End: 1,514,633,871.41 shares - Investment Objective: To pursue stable returns and the steady appreciation of fund assets while strictly controlling investment risks [3][4]. - Investment Strategy: The fund primarily invests in bonds, maintaining a long-term balanced allocation among major asset classes, and adjusts asset allocation within a certain range based on macroeconomic conditions and market sentiment [3][4]. - Performance Benchmark: The fund's performance is compared against the China Bond Index [3]. Key Financial Indicators and Fund Net Value Performance - For the period from April 1, 2025, to June 30, 2025, the net value growth rates for different share classes are as follows: - Class A: 1.47% (Benchmark: 1.95%) [12] - Class C: 1.42% (Benchmark: 1.95%) [12] - Class E: 1.43% (Benchmark: 1.95%) [12] - The cumulative net value for Class A is 1.2240 yuan, Class C is 1.1712 yuan, and Class E is 1.1697 yuan at the end of the reporting period [12]. Investment Portfolio Report - The fund's total assets are primarily composed of bonds, with a total value of approximately 1,850,270,324.47 yuan, representing 99.95% of the fund's total assets [13]. - The fund holds no stocks or asset-backed securities at the end of the reporting period [13][14]. Share Changes - At the beginning of the reporting period, the total shares for each class were: - Class A: 133,771,035.87 shares - Class C: 25,602,918.48 shares - Class E: 29,756,518.34 shares - During the reporting period, the total subscription and redemption amounts were: - Class A: Subscriptions of 1,594,374,456.93 shares, Redemptions of 332,713,716.18 shares - Class C: Subscriptions of 13,061,066.41 shares, Redemptions of 10,798,504.13 shares - Class E: Subscriptions of 125,765,938.38 shares, Redemptions of 64,185,842.69 shares - The total shares at the end of the reporting period were: - Class A: 1,395,431,776.62 shares - Class C: 27,865,480.76 shares - Class E: 91,336,614.03 shares [6][8].

长城稳固收益债券型证券投资基金 基金管理人：长城基金管理有限公司 基金托管人：中国工商银行股份有限公司 报告送出日期：2025 年 7 月 12 日 长城稳固收益债券 2025 年第 2 季度报告 §1 重要提示 本基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 本基金托管人中国工商银行股份有限公司根据本基金合同规定，于 2025 年 07 月 11 日复核了 本报告中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导性 陈述或者重大遗漏。 本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈 利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书。 本报告中财务资料未经审计。 本报告期自 2025 年 04 月 01 日起至 2025 年 06 月 30 日止。 §2 基金产品概况 | 基金简称 | 长城稳固收益债券 | | | | | | --- | --- | --- | --- | --- | --- | | 基 ...

Core Viewpoint - The report provides an overview of the performance and strategy of the Hua Fu Convertible Bond Fund for the second quarter of 2025, highlighting its investment focus on convertible bonds and the market conditions affecting its performance [2][10]. Fund Product Overview - Fund Name: Hua Fu Convertible Bond Fund - Fund Manager: Hua Fu Fund Management Co., Ltd. - Fund Custodian: China Construction Bank Co., Ltd. - Total Fund Shares at Period End: 269,345,409.32 shares - Investment Objective: To achieve long-term stable appreciation of fund assets through active investment in convertible bonds while strictly controlling risks [3][4]. Financial Indicators and Fund Performance - For the period from April 1, 2025, to June 30, 2025, the net value growth rate for Hua Fu Convertible Bond A was 4.77%, while for Hua Fu Convertible Bond C, it was 4.69%. The benchmark return for the same period was 2.79% [12]. - The fund's performance over the past three months showed a net value growth rate of 4.77% for A shares and 4.69% for C shares, outperforming the benchmark [5][12]. Investment Strategy and Market Conditions - The fund's investment strategy focuses on identifying high-quality convertible bonds with favorable risk-return profiles, emphasizing a cautious approach to high-volatility assets [10][11]. - The macroeconomic environment in Q2 2025 showed resilience, with manufacturing PMI rising to 49.7% in June, indicating a recovery in market sentiment [9][10]. - The convertible bond market demonstrated its advantageous option-like characteristics, with the China Convertible Bond Index rising by 3.77% during the quarter [10]. Investment Portfolio Report - At the end of the reporting period, the fund held 94.76% of its total assets in bonds, with no investments in stocks or asset-backed securities [13]. - The fund's top ten securities included issuers that had faced regulatory scrutiny in the past year, but the investment decisions complied with legal and contractual requirements [14]. Fund Share Changes - The total shares for Hua Fu Convertible Bond A at the beginning of the period were 97,258,939.59, with total subscriptions of 108,364,057.23 and redemptions of 10,775,565.63, resulting in a total of 194,847,431.19 shares at the end of the period [6].

Primary Market - A total of 49 offshore bonds were issued in the past two weeks (from June 30 to July 11, 2025), including 8 offshore RMB bonds, 25 USD bonds, 6 HKD bonds, and 10 EUR bonds, with issuance scales of 6.687 billion RMB, 3.5652 billion USD, 3.25 billion HKD, and 2.124 billion EUR respectively [1] - The largest single issuance in the offshore RMB bond market was 3.5 billion RMB by Xiamen Xiangyu Group Co., Ltd. The highest coupon rate for RMB bonds was 7.5%, issued by Yichuan Caiyuan Industrial Investment Co., Ltd. [1] - In the USD bond market, the largest single issuance was 600 million USD by CITIC Securities International Co., Ltd., with the highest coupon rate of 6.9% issued by Tai'an High-tech Construction Group Co., Ltd. [1] Secondary Market Overview - The yield on most Chinese USD bonds increased this week, with the Markit iBoxx Chinese USD Bond Composite Index rising by 0.12% to 244.3 [2] - The investment-grade USD bond index increased by 0.14% to 236.96, while the high-yield USD bond index decreased by 0.03% to 239.29 [2] - The real estate USD bond index fell by 0.1% to 180.51, while the city investment USD bond index rose by 0.12% to 149.75, and the financial USD bond index increased by 0.07% to 284.41 [2] Benchmark Spread - As of July 11, 2025, the spread between the 10-year benchmark government bonds of China and the US widened to 268.43 basis points, an increase of 8.32 basis points compared to the previous two weeks [3] Rating Changes - On July 10, the credit rating of Guangdong Shenshan Investment Holding Group Co., Ltd. was downgraded to AA+ by China Chengxin International Credit Rating Co., Ltd. [5] - On July 11, the rating of Zhengzhou Coal Industry (Group) Co., Ltd. was downgraded to BB by Dagong Global Credit Rating Co., Ltd. [5] Market News - The first batch of 10 Sci-Tech Innovation Bond ETFs raised a total of 29.988 billion RMB in just one day [6][7] - The "Southbound Bond Connect" pilot program will be expanded to include non-bank institutions, allowing more domestic investors to invest in the offshore bond market [8] - The Ministry of Finance will issue 6 billion RMB in government bonds in Macau on July 16, 2025, marking the fourth consecutive year of such issuances [9] Offshore Bond Alerts - Chow Tai Fook Enterprises announced plans to issue 850 million HKD in 2.8% convertible bonds while repurchasing 780 million HKD in 4.0% convertible bonds due in 2025 [11] - Sunac China plans to issue 754 million shares to raise funds for repaying approximately 5.6 billion RMB in domestic bonds [12] - Longfor Group's restructuring plan for 21 domestic bonds has been approved by bondholders [13] - Vanke applied for a loan of up to 6.249 billion RMB from Shenzhen Metro Group to repay bond principal and interest [14]

Group 1: Market Sentiment - The positive impact of short positions and sentiment in the US stock market may have largely passed, with fundamentals expected to become the main driver across asset classes in the second half of the year [2][4] - Market sentiment indicators are slightly above long-term averages, indicating a shift towards optimism [2] Group 2: Macro Research Focus - Goldman Sachs has lowered its US Treasury yield expectations, now forecasting 2-year and 10-year yields to reach 3.45% and 4.20% respectively by year-end, indicating a slight steepening of the yield curve [4] - The firm has raised its forward P/E ratio expectations for the S&P 500 from 20.4x to 22x, increasing target levels for the index to 6400, 6600, and 6900 for 3, 6, and 12 months respectively [4][5] Group 3: Tax and Trade Implications - The anticipated increase in tariffs, including a 25% tariff on copper, is expected to add to the already projected 14 percentage point rise in effective US tariff rates this year [5][6] - Ongoing tariff negotiations may create uncertainty for US businesses and foreign investors, contributing to expectations of a weaker dollar [6][7] Group 4: Global Economic Impact - The implementation of tariffs is expected to suppress export growth for US trading partners, with an estimated overall export decline of 4%-5% for major economies [12] - The anticipated effects of tariffs and currency fluctuations may lead to a 1%-5% decline in industrial production and a 1-4 percentage point drop in manufacturing PMI in the coming months [12][13]

Group 1 - The first batch of 10 Sci-Tech Bond ETFs raised a total of 289.88 billion yuan in just one day, with several fund companies preparing for a second batch [1] - The effective subscription confirmation ratios for the ETFs from FuGuo and Bosera reached 96.58% and 99.27% respectively, indicating strong market interest [1] - The ETFs are scheduled to be listed on July 17, and multiple fund companies are actively participating in the development of bond ETFs [1] Group 2 - The Trading Association has initiated self-regulatory investigations into six lead underwriters due to concerns over underwriting fees related to a capital bond project [2] - The investigation is based on the self-regulatory rules of the interbank bond market, and any violations may lead to self-regulatory actions [2] Group 3 - The People's Bank of China conducted a 847 billion yuan reverse repurchase operation, maintaining a fixed interest rate of 1.40%, resulting in a net injection of 507 billion yuan [4] Group 4 - Gansu Province has established a 100 billion yuan emergency revolving fund to support key enterprises in repaying maturing debts [6] - The fund is structured to leverage 20 billion yuan from provincial finances with an additional 80 billion yuan from bank financing, aimed at mitigating high-risk hidden debts [6] Group 5 - Liaoning Province plans to issue special new bonds totaling 202.62 billion yuan, with specific projects outlined for infrastructure development [7] - The bonds will be issued in multiple phases, with the first phase targeting various infrastructure projects [7] Group 6 - The Henan Transportation Investment Group successfully issued 10 billion yuan in corporate bonds at an interest rate of 2.12%, with funds allocated for operational expenditures and debt repayment [8] - The bonds are set to be listed on the Shanghai Stock Exchange starting July 14 [8] Group 7 - The Zhoukou City Ziyuan Sci-Tech Industry Development Group has received approval from the Shenzhen Stock Exchange to issue 7 billion yuan in bonds to support small and micro enterprises [9] Group 8 - Zhongyuan Expressway has been authorized to register a total of 60 billion yuan in corporate bonds, including 20 billion yuan in public bonds and 40 billion yuan in renewable bonds [10] Group 9 - The Trading Association has reduced and canceled a total of 34.8 billion yuan in debt financing tool quotas across six companies [11][12] Group 10 - The market sentiment indicates that the current negative factors affecting the bond market are primarily based on expectations rather than actual events, with a focus on potential policy changes [16] - The bond market remains in a state of adjustment, with the central bank's reverse repos providing some stability [16]

Core Viewpoint - The German 10-year bond yield increased by 2 basis points to 2.725%, with a weekly rise of 11.8 basis points [1] - The 2-year German bond yield rose by 1 basis point to 1.9%, with a weekly increase of 8.4 basis points [1] Summary by Relevant Categories Bond Market Performance - The 10-year German bond yield traded within a range of 2.683% to 2.734% during the day [1] - The 2-year German bond yield fluctuated between 1.872% and 1.911% on the same day [1]

Group 1 - The central bank has adopted a supportive monetary policy since June, leading to a significant decline in funding rates, with overnight funding rates (DR001) remaining around 1.3%, providing strong support for the bond market [1][5][6] - The bond market has shown a low volatility and narrow fluctuation pattern since July, with the key to breaking this pattern lying in the implementation of a loose monetary policy [1][2] - The yield spread between key and non-key term government bonds has been significantly compressed, indicating cautious market sentiment, with the 50-year and 30-year bond spread narrowing from nearly 15 basis points to less than 9 basis points [2][3] Group 2 - The central bank's monetary policy has shifted focus from "risk prevention" to "stabilizing growth," with a low probability of new incremental monetary policy measures in the short term [3][5] - Government bond issuance has accelerated this year, with a total issuance of 7.62 trillion yuan by the end of June, which is a significant increase compared to the previous year [3][4] - The domestic economy is experiencing a weak recovery, with a strong performance in consumption but continued weakness in investment, particularly in the real estate sector [4][5] Group 3 - The bond market is expected to maintain a range-bound fluctuation in the short term, with the probability of unexpected policy measures being low, while liquidity remains supportive for the bond market [5][6] - The 10-year government bond yield is projected to reach a low point of around 1.5% this year, suggesting potential entry points for investors if further adjustments occur in the bond market [6]

Group 1 - The U.S. government recorded a fiscal surplus of over $27 billion in June, marking the first surplus in June since 2017, contrasting sharply with a deficit of $316 billion in May [1] - The increase in fiscal revenue, particularly from tariffs, significantly contributed to this surplus, with customs duties totaling approximately $27 billion in June, a 17% increase from May and a staggering 301% increase year-over-year [1][2] - Year-to-date, tariff revenue has reached $113 billion, an 86% increase compared to the same period last year, setting a record for a single fiscal year [1] Group 2 - Despite the positive monthly data, the cumulative deficit for the fiscal year stands at $1.34 trillion, reflecting a 5% increase from the previous year [3] - The net interest expenditure on the national debt reached $84 billion in June, making it the second-largest expenditure item after Social Security, with year-to-date net interest payments totaling $749 billion [3] - Total interest payments for the fiscal year are projected to reach $1.2 trillion, indicating ongoing pressure on U.S. fiscal health due to high national debt yields [3] Group 3 - The Trump administration's tariff policies, including a comprehensive 10% tariff on imports and threats of higher tariffs on additional trade partners, have been pivotal in boosting government revenue [2] - The administration's actions have led to a 13% increase in total government revenue year-over-year in June, while expenditures decreased by 7% [2] - The ongoing high-interest burden is a key reason for Trump's push for the Federal Reserve to lower interest rates to alleviate debt servicing costs [4]